Cold Weather and Weak Renewables Push Dutch Power Prices Higher

Last week, Dutch power prices averaged €110.6/MWh, which was €30/MWh higher week-on-week. Three days cleared above €120/MWh on a baseload basis, with Thursday recording the highest level at €149.8/MWh. On an hourly basis, prices cleared above €200/MWh for eight consecutive hours, with peak prices reaching approximately €250/MWh for three hours.
The key driver behind the price increase was the drop in temperatures, which significantly increased consumption. Demand rose by approximately 20% in Germany, and by around 10% in both the Netherlands and France. This was combined with a decline in wind generation of roughly 25% in Germany and 10% in the Netherlands. In addition, snowfall across the CWE region reduced solar output, with German solar generation down by around 30% compared to the previous week.
Gas prices moved sideways over the week and averaged €28.7/MWh, just €0.2/MWh higher than the week before. Bullish pressure came from colder weather boosting heating demand and strong storage withdrawals, with inventories around 56–59% full. This was offset by bearish factors, including steady Norwegian flows and robust LNG imports, keeping prices broadly stable.